JSW Group Denies Withdrawal of Rs 40,000 Crore EV Project from Odisha
Amid speculations of shifting its electric vehicle (EV) project from Odisha to Maharashtra, JSW Group has clarified that it is not withdrawing from its Rs 40,000 crore investment plan in the state. Ranjan Nayak, Executive Vice-President of Corporate Strategy at JSW Steel, stated that the reports were inaccurate. Odisha’s Industries Minister Sampad Chandra Swain also confirmed the company has not notified the state government of any relocation plans, emphasizing that the government is in active discussions with JSW to push the project forward.
JSW signed an MoU with the Odisha government in February for an integrated EV and components manufacturing project. The proposal includes a Rs 25,000 crore investment in Cuttack for EV and battery manufacturing, along with a Rs 15,000 crore copper smelter and lithium refinery at Paradip. Uncertainty arose after Maharashtra cleared similar proposals from JSW in July. However, state officials are moving forward, having decided to start boundary wall construction at the identified project site in Naraj, Cuttack, despite delays in land allotment.
Editor’s Note: JSW Group has denied rumors of withdrawing its Rs 40,000 crore electric vehicle project from Odisha, confirming it remains committed to the investment. Despite speculation following Maharashtra’s approval of similar projects, Odisha officials are proceeding with preparations, including starting boundary wall construction in Cuttack.
PM Modi Engages with Top US Tech CEOs, Discusses AI and Semiconductors
Prime Minister Narendra Modi met with the CEOs of major US tech companies in a roundtable at the Massachusetts Institute of Technology (MIT) on September 22. Executives from leading firms, including Nvidia’s Jensen Huang, Alphabet’s Sundar Pichai, Adobe’s Shantanu Narayen, and AMD’s Lisa Su, participated in discussions focused on artificial intelligence (AI), semiconductors, biotechnology, and emerging technologies. Modi highlighted India’s advancements in these sectors, emphasizing the country’s commitment to ethical AI development and protection of intellectual property.
The meeting aimed at attracting investments in India’s tech ecosystem, with the Prime Minister urging companies to collaborate on co-developing and co-producing innovations in India for global markets. The tech CEOs expressed strong interest in partnering with Indian startups and acknowledged the potential for synergy in developing new technologies. PM Modi underscored India’s growing role in the global technology landscape, encouraging further collaboration and investment.
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Editor’s Note: Prime Minister Narendra Modi engaged with top US tech CEOs at MIT on September 22, discussing key areas such as artificial intelligence, semiconductors, and biotechnology. Highlighting India’s advancements and commitment to ethical AI, Modi urged the executives to invest and collaborate with Indian startups for co-development of innovations targeting global markets. The CEOs expressed strong interest in partnering, recognizing India’s potential as a growing player in the global technology landscape.
India Signs Landmark Agreements under Indo-Pacific Economic Framework for Clean and Fair Economy
India has signed groundbreaking agreements focused on the Clean Economy and Fair Economy under the Indo-Pacific Economic Framework (IPEF) for prosperity. These agreements, signed in Delaware, USA, on September 21, 2024, in the presence of Prime Minister Narendra Modi, aim to foster development, access, and deployment of clean energy technologies and bolster climate-friendly efforts. The Clean Economy Agreement promotes technical cooperation, investment, and capacity building, particularly for MSMEs, and aims to integrate Indian companies into global value chains, supporting energy security and emission reductions.
The Fair Economy Agreement focuses on improving tax transparency, combating corruption, and enhancing cross-border cooperation. It aims to create a predictable trade and investment environment in the Indo-Pacific region, supporting India’s efforts against corruption and financial crimes. The overarching IPEF agreement establishes a ministerial-level oversight mechanism, ensuring the implementation of these agreements while promoting India’s integration into global supply chains and fostering innovation, in line with its Atmanirbhar Bharat initiative.
Editor’s Note: India has signed landmark agreements under the Indo-Pacific Economic Framework (IPEF) for Clean and Fair Economies, aimed at advancing clean energy technologies and enhancing climate-friendly initiatives. Signed in Delaware on September 21, 2024, these agreements focus on technical cooperation and investment for MSMEs while promoting tax transparency and combating corruption to create a stable trade environment. The IPEF framework establishes a ministerial oversight mechanism, ensuring effective implementation and supporting India’s integration into global supply chains as part of its Atmanirbhar Bharat initiative.
India Rises to Tier 1 in Global Cybersecurity Index 2024, Recognized as a ‘Role-Model’ Nation
India has achieved Tier 1 status in the Global Cybersecurity Index (GCI) 2024, marking a significant milestone in its cybersecurity journey. With a score of 98.49 out of 100, India now ranks among the top ‘role-model’ nations for cybersecurity, according to the International Telecommunication Union (ITU). This achievement reflects India’s commitment to global cybersecurity standards, driven by the Department of Telecommunications (DoT). Communications Minister Jyotiraditya Scindia celebrated the milestone, highlighting it as a testament to India’s robust telecom sector and comprehensive cybersecurity initiatives.
India’s success in the GCI 2024 is underpinned by strong legal frameworks, advanced cybersecurity standards, and the establishment of Computer Incident Response Teams (CSIRTs) to handle cyber threats. The nation’s approach also includes integrating cybersecurity into educational curricula and public awareness campaigns to promote safe online practices. With ongoing international collaborations and skill development programs, India continues to drive innovation and capacity-building in the field, reinforcing its leadership in global cybersecurity efforts.
Editor’s Note: India has achieved Tier 1 status in the Global Cybersecurity Index (GCI) 2024, scoring 98.49 out of 100 and earning recognition as a ‘role-model’ nation by the International Telecommunication Union. This milestone reflects the country’s strong legal frameworks, advanced cybersecurity standards, and initiatives to integrate cybersecurity education, showcasing India’s commitment to global cybersecurity excellence.
India’s AI Growth Faces Legal Hurdles Amid Data Privacy Concerns
As companies across sectors, including IT firms, banks, and cloud providers, embrace generative artificial intelligence (GenAI), concerns are mounting about potential conflicts with India’s Digital Personal Data Protection (DPDP) Act. Industry executives have revealed that businesses are seeking legal advice to ensure compliance, particularly regarding the use of personal data for training AI models without sufficient transparency or consent. Experts warn that such practices may violate the DPDP Act’s principles of lawful consent, fairness, and transparency, creating legal risks for non-compliant companies.
The DPDP Act, enacted in August 2023, protects individuals’ personal data while permitting lawful processing. Legal experts have expressed concerns that using publicly available data for training AI models without proper consent could infringe on privacy and copyright laws. Joebin Devassy, senior partner at Desai & Diwanji, noted that while GenAI can autonomously generate and process data, proving violations in court can be complex. As companies innovate with AI, they must navigate the legal landscape to avoid significant liabilities.
Editor’s Note: As companies increasingly adopt generative artificial intelligence, concerns are rising over potential conflicts with India’s Digital Personal Data Protection (DPDP) Act, prompting businesses to seek legal advice on compliance. Experts warn that using personal data for AI model training without adequate transparency or consent could violate the DPDP Act, leading to significant legal risks for non-compliant companies.
Sharp Seeks Indian Partner to Establish Display Manufacturing Facility Under India Semiconductor Mission
Japanese tech giant Sharp, backed by Foxconn, is actively seeking an Indian partner to establish a display fabrication plant under the India Semiconductor Mission (ISM). According to sources, Sharp is in advanced discussions with several Indian companies, with an official announcement on the partnership expected by the end of the year. The company is focusing on large displays for the Indian market and aims to leverage its expertise while collaborating with a significant Indian firm to drive the initiative. Industry experts believe this move could help boost Sharp’s market position and capitalize on the rising demand for locally manufactured displays.
Sharp’s entry into India is seen as part of a larger strategy to revitalize its business following financial setbacks. Foxconn, which acquired Sharp in 2016, views this venture as a key opportunity to diversify beyond smartphone manufacturing, aligning with its broader ambitions in sectors such as electric vehicles and ICT. The potential display facility would strengthen Foxconn’s foothold in India, allowing it to expand its production capabilities. Market analysts suggest that Sharp will likely act as a technology partner or enter a joint venture to advance India’s display manufacturing roadmap.
Editor’s Note: Japanese tech giant Sharp, backed by Foxconn, is actively seeking an Indian partner to establish a display fabrication plant under the India Semiconductor Mission, with an official announcement expected by year-end. This initiative aims to focus on large displays for the Indian market and could enhance Sharp’s market position amid rising demand for locally manufactured products. Analysts believe Sharp may enter a joint venture or act as a technology partner, aligning with Foxconn’s strategy to diversify its operations beyond smartphones and strengthen its presence in India.